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Net (Loss) Income Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Net (Loss) Income Per Share Net Income (Loss) Per Share
Adoption of ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity

We adopted ASU 2020-06 on January 1, 2021 under the modified retrospective method applied to convertible senior notes outstanding as of January 1, 2021 and have not changed previously disclosed amounts or provided additional disclosures for comparative periods. ASU 2020-06 requires the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. Under the if-converted method, outstanding convertible senior notes are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later).

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2021
2020(1)
2021
2020(1)
Basic
Numerator:
Net income (loss)
$32,764 $10,589 $(32,415)$4,876 
Denominator:
Weighted average shares used to compute net income (loss) per share, basic
143,112 123,842 138,756 123,135 
Net income (loss) per share, basic
$0.23 $0.09 $(0.23)$0.04 
Diluted
Numerator:
Net income (loss)$32,764 $10,589 $(32,415)$4,876 
Convertible senior notes interest expense, net of tax1,212 — — — 
Net income (loss), diluted
$33,976 $10,589 $(32,415)$4,876 
Denominator:
Weighted average shares used to compute net income (loss) per share, basic
143,112 123,842 138,756 123,135 
Options to purchase common stock504 958 — 1,013 
PSUs and RSUs1,791 2,707 — 3,175 
Shares related to convertible senior notes22,875 6,344 — 5,351 
Weighted average shares used to compute net income (loss) per share, diluted
168,282 133,851 138,756 132,674 
Net income (loss) per share, diluted
$0.20 $0.08 $(0.23)$0.04 
(1) As noted above, prior period amounts have not been adjusted due to the adoption of ASU 2020-06 under the modified retrospective method.
The following potential weighted-average shares of common stock outstanding were excluded from the computation of diluted net income (loss) per share because including them would have been anti-dilutive (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Options to purchase common stock— — 530 — 
PSUs and RSUs1,137 103 2,464 52 
Shares related to convertible senior notes268 — 25,901 — 
Employee stock purchase plan 5 10 5 10 
Total common stock equivalents1,410 113 28,900 62